Landlord Products / Services
Selling a buy to let property: been there, done it – got the battle scars all over my broken corpse to prove it!
(it wasn’t that bad, to be honest, I’m just being dramatic)
In this blog post I’m only going to focus my attention on specifically how to sell a buy to let the quickest way possible! I’ve already broadly covered the topic of selling a rental property with tenants in situ so I don’t need to go over it again, which includes:
- How to sell a tenanted property (covering various available options)
- Do I need to evict my tenant first?
- Can I sell my buy to let with my tenant as part of the deal?
- Can I sell my buy to let while my tenant stays in the property?
I find that it’s the landlords that need to sell an occupied buy to let property pronto, particularly for financial reasons, have no idea what their options are! So that’s the hole I’m going to attempt to plug in here.
Yup, selling a buy to let property can be a tactical and practical nightmare, especially if time is of the essence. But perhaps there’s a solution you haven’t considered yet…
If you’re looking to get the most money from selling your buy to let property!
I know, I know! I just made a big song and dance about how this blog post will only focus on getting from A to B as quickly as possible. However, I’d be remiss if I didn’t briefly state the obvious (in case there’s any confusion).
If, relatively speaking, time isn’t an issue, and your primary objective is to squeeze the most juice out of your berry, then your best bet is working with a competent and reputable estate agent to sell on the open market. But needless to say, this is unlikely to yield the fastest results (which ironically, can also be costly, particularly in a declining market, where prices are plummeting by the day – that’s always worth remembering!).
On a side note, if you do want to sell your BTL for the most amount of money in the quickest time possible, then I highly recommend looking into a multi agent solution, particularly the one offered by a company called flyp.
If you primary objective is to sell your buy to let as quickly as possible for the least amount of hassle!
For warning, this won’t be a pretty proposition for everyone.
In fact, it will likely be the stuff of nightmares for the majority. But for everyone who remains standing after stomaching the trade-off for going down this road, this could be it. This could be, dare I say, the solution you’re looking for.
After having spoken to “folk in the industry”, it’s become apparent that many landlords have been selling off their properties to cash buyer companies (also commonly referred to as ‘We buy any house’ companies), simply because they’re so bloody convenient. Not just because they can buy your property off you with in 7 days for hard cash, but also because they’ll pretty much buy any property, including ones stuffed with tenants.
If anyone is looking to wipe their hands of an occupied buy to let property, then I honestly don’t know of a more effective way than using a cash buyer company.
I’ve already done the hard graft and written an agonisingly in-depth blog post on property cash buyer companies and how they work, so I won’t get into the weeds right here, but what I will do is provide a snapshot of why they’ve become somewhat of a saviour among landlords.
The advantages of selling a buy to let property to a cash buyer company:
- They buy tenanted rental properties
- They buy properties in any condition
- Cash buyers
- No fees to pay, they cover all costs (including legal)
- Complete sale in as little as 7 days
Obviously there’s no mystery to solve here. It shouldn’t be challenging for anyone to understand why sellers (not just landlords) are seduced by these companies, especially if the name of the game is to sell ASAP.
While there are dozens and dozens of cash buyer companies to choose from (many of which I have researched and directly communicated with), I believe the following to be reputable and solid options. Yup, they are my affiliate partners, but that’s because they would be my go-to options…
| Service | Rating | Features | Offers (up to) | |
|---|---|---|---|---|
My Homebuyers | Rating TrustPilot Reviews | Features
| Offers (up to) 80-85%of Market Value | Get cash offer |
Home House Buyers | Rating Reviews.co.uk | Features
| Offers (up to) 80-85%of Market Value | Get cash offer |
House Buy Fast | Rating Reviews.co.uk | Features
| Offers (up to) 85%of Market Value | Get cash offer |
Please note, I try my best to keep the information of each service up-to-date, but you should read the T&C's from their website for the most up-to-date and accurate information.
The catch? Two jump out straight away, one more obvious than the other.
First and foremost, you’ll have to sell below market value, which usually looks like a juicy 15% – 25% discount. Yup, OUCH! That is literally the biggest negative and hurdle to overcome. The silver lining is that it’s a predictable trade-off, so no one should be caught off guard. If you’re going to sell to a professional cash buyer company, offering a discount is a given.
However, it’s worth being reminded of the point I touched on earlier, that in a stagnant market with declining house prices, a quick sale to a cash buyer today could be just as profitable (or marginally close in either direction) as selling on the open market and waiting several months for a sale. That’s especially true for occupied buy to let properties, since landlords can’t just evict tenants willy-nilly to sell a property so there’s often a waiting game. Perhaps that’s why cash-buyer companies are so popular among landlords.
The reality is, if you want to sell a tenanted buy to let property as quickly as humanly possible with the least amount of ball-ache, then there has to be a trade-off, otherwise something super weird – and probably dodgy-as-hell – is going on.
At the very least, I believe it’s always worth getting a couple of cash offers and then weighing up your options! Talk to them directly and don’t be afraid to ask questions.
Onto the second catch.
Well, it’s not so much of a catch, but rather a bleak reality of the cash buyer industry – it’s unregulated. That means the industry is home to sharks, all itching to draw blood. I’ve covered a lot of the red-flags to be wary of in my main Cash House Buyer blog post, and in-turn how to identify reputable cash buyer companies.
Working with a reputable cash buyer is critical; a company that is transparent and has your best interest at heart, and not just their bottom line. By nature, cash buyer solutions attract “desperate sellers”, so they’re primed to be exploited.
Time to tie a bow around this package and part with my conclusion.
I know using a cash buyer company isn’t the most desirably option for selling a BTL property. Far from it. The trade off of having to sell significantly below market value can be repulsive. However, it is an undeniably effective solution of selling a property – I don’t of a quicker way to get from A to B, which is precisely why there’s a market for these services. As they say, time is money!
Happy selling!
Landlord out xo
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
